Mark Zuckerberg has made it no secret that the metaverse is his ultimate ambition. And without a doubt, non-fungible tokens are central to a working, functioning metaverse. Now, the wait for NFT collectors who use Facebook may be over: the flagship app has started testing NFTs with select creators. Here’s everything we know about this developing story:
- Facebook has rolled out NFT testing for select creators, who soon may be able to display their collectibles on their profile pages
- The NFT integration includes the ability to “show off” your NFTs and create posts with them, soliciting shares, comments, and reactions
- Currently, the NFT functionality is limited to the Ethereum and Polygon blockchains. The company may utilize the Solana and Flow blockchains soon
- At the moment, creators can’t use their NFTs in ads
- For this first testing stage, the creators experimenting with NFTs on Facebook are limited to those residing in the United States
A spokesperson for Meta said that the company is aware of the environmental damage NFT trading can cause and is purchasing renewable energy to limit the impact. This aspect may also be a hurdle for the long-awaited Meta marketplace, especially if it runs using the Ethereum blockchain.
The Facebook NFT integration comes on the heels of an expansion of a similar program on its sister app — Instagram. There, the NFT testing started with solely U.S. residents as well, though, on June 21st, Zuckerberg said the team is expanding the testing to users worldwide.
Meta Continues to Make News in 2022
The saga of Meta’s integration of NFTs onto its platform is well-known. Rarity Sniper reported in early 2022 that the social media giant Meta was planning to integrate NFTs. The news initially came during the epic NFT bull run that started in 2021 and continued until the recent cryptocurrency market collapse.
Zuckerberg has also been upfront about pursuing a fully functioning metaverse and continues the improvements to the Horizon suite of virtual spaces. Here are three examples of the news the company has made in the Web3 industry.
First, Fender and BMW recently announced that they had partnered with Meta to create VR experiences in Horizon Worlds. These VR experiences are based on sound and motion, and both attempt to make the VR world “more fun.”
Second, Meta partnered with Disney for a virtual reality Star Wars experience. The simulation takes people through various scenarios, with the creator billing it as “action-adventure.” Users who completed the experience were also eligible for IRL prizes.
Third and finally, Meta updated the avatars on Facebook, Instagram, and Facebook Messenger to make them more realistic. Some avatars came with disability-inclusive traits such as Cochlear implants, a type of hearing aid.
Given Meta’s pursuit of all things metaverse, there is no doubt the company is bullish on Web3 technology.